Edmonton-based company to support world-class diabetes research centre
EDMONTON, Oct. 29 /CNW/ - Gordon J. Reykdal, Chairman and CEO of The Cash
Store Financial Services Inc. ("Cash Store Financial") today announced that
the Company will harness the energy of its over 1,500 associates working
through its national network of 400 alternative financial services branches to
raise $7.5 million over seven years for the Alberta Diabetes Foundation (ADF).
The ADF is the fundraising body for diabetes research to be conducted at the
Alberta Diabetes Institute (ADI) at the University of Alberta.
The announced contribution builds on Cash Store Financial's long-standing
commitment to support good causes in those communities where it conducts
The announcement was made at the Company's fiscal 2008 Annual General
Meeting in Edmonton, Alberta, where a cheque was presented to Bruce Hull,
Chairman of the Alberta Diabetes Foundation.
"The ADI is a world-class facility, globally recognized for its
advancements in diabetes research. There is a very real possibility that ADI's
researchers will spearhead a cure for this debilitating and often deadly
disease," said Mr. Reykdal. "One of the biggest things getting in the way of
the institute's success is a lack of money. We want to help."
"Through our network of over 400 branches, we intend to coordinate and
run no less than 35 fun runs annually, which will be the main avenue through
which we will raise money. We will also seek support from corporate sponsors,"
ADF Chairman, Bruce Hull, also commented.
"We are thrilled that Cash Store Financial has made this commitment to
the ADF. Diabetes can be a deadly disease. It affects millions of people
around the world. Not only does it hamper the lives of those who have it, it
places a significant strain on healthcare resources around the world."
He added: "A cure is within our reach. Through Cash Store Financial's
generous financial contribution, we will move more quickly toward that cure.
We are tremendously appreciative of this contribution. This level of corporate
support further solidifies work underway at both the ADF and the ADI. We hope
this will encourage others to give as well."
About The Cash Store Financial Services Inc. (Cash Store Financial)
Cash Store Financial is the only payday advance broker in Canada
publicly-traded on the Toronto Stock Exchange (TSX:CSF). Cash Store Financial
operates over 400 branches across Canada under two banners: The Cash Store and
The Cash Store and Instaloans act as brokers to facilitate payday advance
services to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label debit
card, the "Freedom Card", and a private label pre-paid credit card, the
"Freedom MasterCard", as well as other ancillary products.
Cash Store Financial employs more than 1,500 associates and is
headquartered in Edmonton, Alberta.
About the Alberta Diabetes Foundation
Alberta Diabetes Foundation (ADF) is a not-for-profit, charitable
organization committed to the search for a cure for diabetes. ADF has been in
operation since 1988 and was founded by a group of volunteers whose lives were
affected by diabetes. The foundation is a focused and effective team of
volunteers, scientists and professionals who raise money to fund world-leading
research in search of a cure for the diabetes epidemic. The ADF has raised
millions of dollars in support of diabetes research that is conducted at the
Alberta Diabetes Institute at the University of Alberta.
This News Release contains "forward-looking information" within the
meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to, information with
respect to our objectives, strategies, operations and financial results,
competition as well initiatives to grow revenue or reduce retention payments.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes" or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might", or "will be taken", "occur", or "be achieved". In
particular this News Release contains forward-looking statements in connection
with the Cash Store Financials goals and strategic priorities, introduction of
products, share repurchase initiatives and branch openings. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Cash Store Financial, to be materially different from those
expressed or implied by such forward-looking information, including, but not
limited to, changes in economic and political conditions, legislative or
regulatory developments, technological developments, third-party arrangements,
competition, litigation, risks associated with but not limited to, market
conditions, and other factors described in our Annual Information Form ("AIF")
dated August 27, 2008 under the heading "Risk Factors". All material
assumptions used in making forward-looking statements are based on
management's knowledge of current business conditions and expectations of
future business conditions and trends, including our knowledge of the current
credit, interest rate and liquidity conditions affecting us and the Canadian
economy. Although we believes the assumptions used to make such statements are
reasonable at this time and have attempted to identify in our continuous
disclosure documents important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or
intended. Certain material factors or assumptions are applied by us in making
forward-looking statements, include without limitation, factors and
assumptions regarding our continued ability to fund our payday loan business,
rates of customer defaults, relationships with, and payments to, third party
lenders, demand for our products, as well as our operating cost structure and
current consumer protection regulations. There can be no assurance that such
information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking
information. We do not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
For further information:
For further information: on Cash Store Financial please contact: Gordon
J. Reykdal, Chairman and Chief Executive Officer, Cash Store Financial, (780)
408-5118; or Michael J.L. Thompson, Senior Vice President and Corporate
Secretary, Cash Store Financial, (780) 408-5595, cell (780) 934-4729; For
further information on the Alberta Diabetes Foundation and the Alberta
Diabetes Institute, please contact: Bruce Hull, Chairman, Alberta Diabetes
Foundation, (780) 492-8652; JoAnne Langner, Executive Director, Alberta
Diabetes Foundation, (780) 492-8652